Funding arb · Price arb /

CRCL

RWAall CRCL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.018%

Price spread now: Phemex against Polymarket Perps+0.182%7-day average +0.016% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)−0.215%−$22 · spread now +0.182%, 7d avg +0.016%

Together, before fees−0.309%−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.165% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.182% now, against its 7-day average of +0.016%): +$17 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps CRCL-USD	92.472	0.0050	pay 0.0006% / 1h	56m 43s	$380K	$955K	10x
Short	Phemex CRCLUSDT	92.640	0	get 0.0000% / 4h	2h 56m	$1.0M	$46K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.182%Rate

Funding earned: −$10.5
Price spread: +0.182% → +0.016%: $16.54
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$13.96
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 22 min ago; Phemex: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Polymarket Perps live order book, 22 min ago	540.18 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.54 bp	45.1 bp −$45	doesn't fit	doesn't fit	doesn't fit

CRCL on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest CRCL-USD-PERP	−0.0066%	1h	92.130	−0.370%	—	$31K	25x	as long as short
Bitget CRCLUSDT	0.0000%	8h	92.610	+0.149%	$18.0M	$35.2M	25x	as long as short
Phemex CRCLUSDTshort	0.0000%	4h	92.640	+0.182%	$1.0M	$46K	10x
Coinbase International CRCL-PERP-INTX	+0.0008%	1h	92.260	−0.229%	$888K	$675K	10x	as long as short
Lighter RH CRCL	+0.0032%	1h	92.579	+0.116%	$995K	$2.3M	10x	as long as short
Aftermath Perps CRCLUSD	+0.0038%	1h	92.519	+0.051%	$2K	$29K	5x	as long as short
Polymarket Perps CRCL-USDlong	+0.0050%	1h	92.472	long leg	$380K	$955K	10x
SoDEX CRCL-USD	+0.0050%	1h	92.455	−0.018%	$46K	$3K	10x	as long as short
Ondo Perps CRCL-USD.P	+0.0050%	1h	92.300	−0.186%	$1.1M	$4.3M	10x	as long as short
Gate CRCL_USDT	+0.0052%	8h	92.600	+0.138%	$7.3M	$25.3M	50x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CRCL-USD	+0.0080%	1h	92.270	−0.218%	$1.4M	$1.7M	10x	as long as short
Pacifica CRCL	+0.0100%	1h	92.400	−0.078%	$135K	$139K	10x	as long as short
KuCoin CRCLUSDTM	+0.0100%	8h	92.660	+0.203%	$2.6M	$1.6M	20x	as long as short
ApeX Omni CRCLUSDT	+0.0100%	1h	92.510	+0.041%	$68K	$4K	50x	as long as short
Orderly PERP_CRCL_USDC_mythos	+0.0100%	8h	92.540	+0.074%	$923	$1K	10x	as long as short
Aevo CRCL-PERP	+0.0104%	1h	92.515	+0.046%	$4	—	10x	as long as short
Bybit CRCLUSDT	+0.0143%	8h	92.590	+0.128%	$15.1M	$25.9M	50x	as long as short
tradeXYZ xyz:CRCL	+0.0156%	1h	92.510	+0.041%	$67.7M	$42.9M	10x	as long as short
Paradex CRCL-USD-PERP	+0.0163%	8h	92.397	−0.081%	$425	$766	5x	as long as short
Lighter CRCL	+0.0176%	1h	92.529	+0.062%	$3.0M	$2.0M	10x	as long as short
Phoenix CRCL	+0.0254%	1h	92.779	+0.332%	$27K	$64K	10x	as long as short
Variational Omni CRCL	+0.0257%	8h	92.578	+0.114%	$2.4M	$3.2M	—	as long as short
Aster CRCLUSDT	+0.0307%	8h	92.614	+0.153%	$1.1M	$4.9M	20x	as long as short
OKX CRCL-USDT-SWAP	+0.0313%	8h	92.580	+0.117%	$22.6M	$59.4M	50x	as long as short
Binance CRCLUSDT	+0.0319%	8h	92.560	+0.095%	$106.6M	$377.6M	50x	as long as short
Extended CRCL_24_5-USD	+0.0320%	1h	92.560	+0.095%	$1.1M	$5.0M	10x	as long as short
Nado CRCL-PERP	+0.0340%	1h	92.405	−0.072%	$149K	$111K	3x	as long as short
Arcus CRCL-USD	+0.0368%	1h	92.450	−0.024%	$96K	$267K	10x	as long as short
BloFin CRCL-USDT	+0.0439%	8h	92.450	−0.024%	$1.1M	$1.7M	20x	as long as short
Injective CRCL/USDC PERP	+0.0440%	1h	93.200	+0.787%	$39K	$172K	30x	as long as short
RISEx CRCL/USDC	+0.0479%	1h	92.500	+0.030%	$414K	$255K	10x	as long as short
Deribit CRCL_USDC-PERPETUAL	+0.0507%	1h	92.500	+0.030%	$5K	$617K	10x	as long as short
edgeX CRCLUSDC	+0.0681%	4h	92.633	+0.174%	$53K	$268K	10x	as long as short
GRVT CRCL_USDT_Perp	+0.0688%	8h	92.732	+0.281%	$62K	$1.1M	10x	as long as short